In the declaration and bylaws, unless specifically provided otherwise
or the context otherwise requires, and in this chapter:

(1) "Affiliate of a declarant" means any person who
controls, is controlled by, or is under common control with a declarant. A
person "controls" a declarant if the person (i) is a general partner,
officer, director, or employer of the declarant, (ii) directly or indirectly or
acting in concert with one or more other persons, or through one or more
subsidiaries, owns, controls, holds with power to vote, or holds proxies
representing, more than twenty percent (20%) of the voting interests in the
declarant, (iii) controls in any manner the election of a majority of the
directors of the declarant, or (iv) has contributed more than twenty percent
(20%) of the capital of the declarant. A person "is controlled by" a
declarant if the declarant (i) is a general partner, officer, director, or
employer of the person, (ii) directly or indirectly or acting in concert with
one or more other persons, or through one or more subsidiaries, owns, controls,
holds with power to vote, or holds proxies representing, more than twenty
percent (20%) of the voting interests in the person, (iii) controls in any
manner the election of a majority of the directors of the person, or (iv) has
contributed more than twenty percent (20%) of the capital of the person.
Control does not exist if the powers described in this paragraph are held
solely as security for an obligation and are not exercised.

(2) "Allocated interests" means the undivided
interests in the common elements, the common expense liability, and votes in
the association allocated to each unit.

(4) "Common elements" means all portions of a
condominium other than the units.

(5) "Common expenses" means expenditures made by or
financial liabilities of the association, together with any allocations to
reserves.

(6) "Common expense liability" means the liability for
common expenses allocated to each unit pursuant to G.S. 47C-2-107.

(7) "Condominium" means real estate, portions of which
are designated for separate ownership and the remainder of which is designated
for common ownership solely by the owners of those portions. Real estate is not
a condominium unless the undivided interests in the common elements are vested
in the unit owners.

(8) "Conversion building" means a building that at any
time before creation of the condominium was occupied wholly or partially by
persons other than purchasers or by persons who occupy with the consent of
purchasers.

(9) "Declarant" means any person or group of persons
acting in concert who (i) as part of a common promotional plan offers to dispose
of his or its interest in a unit not previously disposed of or (ii) reserves or
succeeds to any special declarant right.

(10) "Declaration" means any instruments, however
denominated, which create a condominium, and any amendments to those instruments.

(11) "Development rights" means any right or combination
of rights reserved by a declarant in the declaration to add real estate to a
condominium; to create units, common elements, or limited common elements
within a condominium; to subdivide units or convert units into common elements;
or to withdraw real estate from a condominium.

(12) "Dispose" or "disposition" means a
voluntary transfer to a purchaser of any legal or equitable interest in a unit,
but does not include the transfer or release of a security interest.

(13) "Executive board" means the body, regardless of
name, designated in the declaration to act on behalf of the association.

(14) "Identifying number" means a symbol or address that
identifies only one unit in a condominium.

(15) "Leasehold condominium" means a condominium in
which all or a portion of the real estate is subject to a lease the expiration
or termination of which will terminate the condominium or reduce its size.

(16) "Limited common element" means a portion of the
common elements allocated by the declaration or by operation of G.S. 47C-2-102(2)
or (4) for the exclusive use of one or more but fewer than all of the units.

(17) "Master association" means an organization
described in G.S. 47C-2-120, whether or not it is also an association described
in G.S. 47C-3-101.

(18) "Offering" means any advertisement, inducement,
solicitation, or attempt to encourage any person to acquire any interest in a
unit, other than as security for an obligation. An advertisement in a newspaper
or other periodical of general circulation, or in any broadcast medium to the
general public, of a condominium not located in this State, is not an offering
if the advertisement states that an offering may be made only in compliance
with the law of the jurisdiction in which the condominium is located.

(20) "Purchaser" means any person, other than a
declarant or a person in the business of selling real estate for his own
account, who by means of a voluntary transfer acquires a legal or equitable
interest in a unit other than (i) a leasehold interest (including renewal
options) of less than five years, or (ii) as security for an obligation.

(21) "Real estate" means any leasehold or other estate
or interest in, over, or under land, including structures, fixtures, and other
improvements and interests which by custom, usage, or law, pass with a
conveyance of land though not described in the contract of sale or instrument
of conveyance. "Real estate" includes parcels, with or without upper
or lower boundaries, and spaces that may be filled with air or water.

(22) "Residential purposes" means use for dwelling or
recreational purposes, or both.

(23) "Special declarant rights" means rights reserved
for the benefit of a declarant to complete improvements indicated on plats and
plans filed with the declaration (G.S. 47C-2-109); to exercise any development
right (G.S. 47C-2-110); to maintain sales offices, management offices, signs
advertising the condominium, and models (G.S. 47C-2-115); to use easements
through the common elements for the purpose of making improvements within the
condominium or within real estate which may be added to the condominium (G.S.
47C-2-116); to make the condominium part of a larger condominium (G.S. 47C-2-121);
or to appoint or remove any officer of the association or any executive board
member during any period of declarant control (G.S. 47C-3-103(d)).

(24) "Time share" means a "time share" as
defined in G.S. 93A-41(9).

(25) "Unit" means a physical portion of the condominium
designated for separate ownership or occupancy, the boundaries of which are
described pursuant to (G.S. 47C-2-105(a)(5).

(26) "Unit owner" means a declarant or other person who
owns a unit, or a lessee of a unit in a leasehold condominium whose lease
expires simultaneously with any lease the expiration or termination of which will
remove the unit from the condominium, but does not include a person having an
interest in a unit solely as security for an obligation.